Banners or Text Links? What converts better?

In Affiliate marketing I have always believed that contextual text links + a presell converts better than banners because in the past contextual text links have always performed far better than banners.

But statistics from one of my affiliate review sites show that the banners are performing better than the text links. The text links get more clicks but they dont convert into a sale, where as banners get less clicks and have a higher conversion rate.

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